Extending the Recession Indefinitely
We know what these measures do. They delay economic adjustment and recovery; they extend economic hardship, regardless of whether we call the hard times a depression or a "great recession."
Business Cycles
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The Fed’s Dilemma
The root of the current financial crisis was an artificially induced boom in the real economy, and asset-price markets that subsequently turned to bust. The bust led to a reduction in the values of many assets owned by banks.
XX. Interest, Credit Expansion, and the Trade Cycle (continued 3)
Pages 573-583. Narrated by Jeff Riggenbach.
XX. Interest, Credit Expansion, and the Trade Cycle (continued)
Pages 547-563. Narrated by Jeff Riggenbach.
XX. Interest, Credit Expansion, and the Trade Cycle (continued 2)
Pages 564-573. Narrated by Jeff Riggenbach.
Paul Krugman’s Identity Crisis
"The Paul Krugman of 2009 completely disagrees with the Paul Krugman of 2003."
Is the Fed’s Pumping Inflationary?
The Fed's present monetary policy appears to be ineffective. Despite massive pumping by the US central bank, commercial bank lending displays sharp declines.
1929: Then and Now
We may not even be fortunate enough to have any market readjustment at some time in the future. Instead, spurred on by people who have lost all sense of economic reality, the government may take complete control of the economy. Then, true enough, there will be no depression and unemployment in the accepted sense; but the alternative is not pleasant to contemplate.
Can a Central Bank Go Broke?
The possibility of an insolvent central bank, however, bypasses the question of whether the central bank should be abolished and concludes that it will, in certain instances, abolish itself as insolvency renders it helpless.
